Grant, Barnett Designs LLP - Accounts to registrar - small 17.2

REGISTERED NUMBER: OC396711 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Grant, Barnett Designs LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

W S Thomas

P S Thomas

Grant, Barnett Holdings Limited

REGISTERED OFFICE:

Waterfront House

55-61 South Street

Bishop's Stortford

Hertfordshire

CM23 3AL

REGISTERED NUMBER:

OC396711 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

CURRENT ASSETS

Debtors

4

1,204

1,290

Cash at bank

2,442

4,700

3,646

5,990

CREDITORS

Amounts falling due within one year

5

(2,745

)

(4,424

)

NET CURRENT ASSETS

901

1,566

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

901

1,566

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

901

1,566

901

1,566

TOTAL MEMBERS' INTERESTS

Members' other interests

901

1,566

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2016.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 9 October 2017 and were signed by:

W S Thomas - Designated member

P S Thomas - Designated member

1.	STATUTORY INFORMATION

Grant, Barnett Designs LLP is registered in England and Wales. The LLP's registered number and registered office address

can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents, net invoiced sales of goods and services, excluding value added tax.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to

profit or loss in the period to which they relate.

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including

expectations of future events that are believed to be reasonable under the circumstances.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction

price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of

the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future

receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2015 - 5 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other debtors

1,204

1,290

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

249

64

Taxation and social security

2,496

4,360

2,745

4,424

6.	SECURED DEBTS

Barclays Bank Plc has a fixed and floating charge over all the assets of the LLP.

7.	CONTINGENT LIABILITIES

There is a cross guarantee in place with Grant, Barnett Holdings Limited, Grant, Barnett & Co Limited and GB Creations

LLP. Grant, Barnett & Co Limited have total loans of £99,107 (2015: £533,187) and GB Creations LLP have total loans of

£226,313 (2015: £32,918).

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY

10.

CURRENCY

The LLP's presentational currency is Pounds Sterling and functional currency is Pounds Sterling, Euro and US Dollar.